Ola is said to have raised around $225 million (Rs 1,478 crores) in a fresh round of funding from existing investors Falcon Edge Capital, Tiger Global Management, SoftBank, and others.
The news report which appeared on Livemint seems to suggest that Ola could secure up to $500 million on closing of the current funding round. With the latest fund raise, the Mumbai-based company would have raised over $900 million (roughly Rs. 5,979 crores).
Ola had raised $400 million (roughly Rs. 2,656 crores) from investors led by Russian billionaire Yuri Milner’s DST Global in April this year.
Ola announced the launch of a cab leasing program for driver-partners on Monday, enabling drivers to lease a car for a minimal initial deposit and monthly lease payments with an option to own the vehicle after three years.
Uber is reportedly set to invest $1 billion (roughly Rs. 6,642 crores) in India, and has rolled out cash payments in Kolkata, Bengaluru, and Delhi NCR. Uber is present in 22 cities and has over 1.65 lakh driver entrepreneurs.
According to startup data tracker Tracxn, the top five funded startups in India are Flipkart, which has received $3.2 billion (roughly Rs. 21,388 crores) in funding, followed by Snapdeal at $1.54 billion (roughly Rs. 10,294 crores), Ola at $676 million (roughly Rs. 4,519 crores), Paytm at $585 million (roughly Rs. 3,910 crores), and Quikr at $350 million (roughly Rs. 2339 crores).